Great Financial Aid Advice For College Students!!!
After filling out the preliminary FAFSA application form, I looked over the financial history for my college tuition. I looked around trying to estimate what I’d have to pay for the final year of my undergraduate education.
For sophomore and junior year, I received a thousand of dollars from what was called the ACG and SMART grants. I had no idea what got me the grants when I first saw it pop up on the account.When I checked out the FAFSA website this year, I realized why I received those lovely grants.
Since freshmen year, I’ve never fell below a 3.0 GPA with a Biochemistry major so I got both grants. How great is that!? Sadly though, I am changing my major to Health Science this year so I probably won’t be eligible for the SMART grant next year (oh no! I want the $4000!!!). Anyway, it helped junior year at least.
So prospective college students may want to follow my steps (confirm with the university’s financial aid office and advisors):
- First pick a major that qualifies for the SMART grant such as biology, computer science, or math.
- Take the courses that will fulfill your intended major (such as English or music) for the first 3 years.
- DO NOT FALL BELOW A 3.0 GPA!
- During the second semester of junior year, change your major to the intended major.
- Check with advisors to make sure that these changes allow you to complete the education that you intended to receive. I wouldn’t want to be stuck taking biology courses if I actually wanted an education in music.
I hope this information will save some families several thousand dollars!
Here is the info for the two grants (click here for the direct link):
Academic Competitiveness Grant (ACG)
The Academic Competitiveness Grant (ACG) is for first-year undergraduate students (eligible to receive up to $750) and second-year undergraduate students (eligible to receive up to $1,300). The ACG eligibility criteria are listed below:To be eligible for an ACG, you must:
- Be a U.S. citizen;
- Be Federal Pell Grant eligible;
- Be enrolled full-time in a degree program;
- Be enrolled in the first or second academic year of your program of study at a two-year or four-year degree-granting institution;
- Have completed a rigorous secondary school program of study (after January 1, 2006, if a first-year student, and after January 1, 2005, if a second year student);
- Not have been previously enrolled in an undergraduate program (if you are a first-year student); and
- Have at least a cumulative 3.0 grade point average on a 4.0 scale for the first academic year (if you are a second-year student).
National Science and Mathematics Access to Retain Talent Grant (National SMART Grant)
The National Science and Mathematics Access to Retain Talent Grant (National SMART Grant) is for third- and fourth-year undergraduate students who are eligible to receive up to $ 4,000 each year.To be eligible for a National SMART Grant you must:
- Be a U.S. citizen;
- Be Federal Pell Grant eligible;
- Be enrolled full-time pursuing a major in physical, life or computer sciences, mathematics, technology, engineering, or a critical foreign language; and
- Have at least a cumulative 3.0 grade point average on a 4.0 scale
Is Your Wallet Worth More Than The Cash In It?
The wallet is an accessory, that over the years, has gradually grown into a fashion statement instead of serving its intended purpose – to organize money, cards, receipts, and etc.
I see folks at malls pulling out designer brand wallets that retail from $100 to $500 (or more) and there seems to be almost nothing inside them. I know many people that flaunt their expensive wallets and it is funny because I think, “She probably spent all his cash for a wallet that (now) has no cash in it. How foolish is that?”
My wallet was bought from a sidewalk vendor for $3 about five years ago. It seems battered and worn but it still serves its purpose of organizing financial ‘stuff’. And yes, its contents are worth more than three bucks.
Aside from the eye-gouging price for these luxurious accessory, they also become targets of pickpockets and thieves. They have the trait of being able to exhibit “wealth” (whether you have it or not) and robberies, unfortunately, do happen. You just bought a brand name wallet and some thug just swiped it, there goes a couple hundred dollars you couldn’t afford to lose…
So check your wallet and re-evaluate this financial accessory. If one seeks to ‘fit in’, buy a knock-off… because I certainly cannot tell the difference.
Roth IRA Finally Open!!
Today, I signed up online for a Roth IRA through Scottrade. It feels great!
Even though I won’t be moving funds over any time soon. I’m definitely looking at mutual funds for possible candidates in my portfolio since several great funds have re-opened and the market seems to have become much less volatile compared to the previous month.
Also, Scottrade has given me a complimentary gift: a 12-month subscription to SmartMoney magazine. Nice!
Some Updates and Stuff
The school year has finally settle in and now I’ll be posting more frequently. Been a little busy remaking the blog layout and I’ll be switching to using the WordPress software.
I’ve applied for a job that I pretty much got but my credentials are waiting for approval. So I’ll be working from 9AM – 3PM and have class from 4PM -10PM. Can’t wait to start work, I need the $$$$.
Later this week, I’ll be applying for the Roth IRA at Scottrade. I’ll be looking into funds from Vanguard, Dodge & Cox, T. Rowe Price, and Marsico.
Today, I’ve sent my reinstatement request in to eBay. Hopefully they’ll allow me to sell again. It would help provide myself with some residual income.
Finally, is a reminder to myself to renew my FAFSA application for the upcoming year. If only my parents would finish up with their taxes.
Chinese New Year = Money?
Coming from a Chinese family, I’ve always looked forward to this highly rewarding holiday. The point of the festivities of the new year include celebrating a happy and fortuitous year and hoping for another year of good health and prosperity. The lion dances and firecrackers serve to create a lively environment where everyone is happy and active. Also, there’s the large family gatherings and tasty food.
This year though, the holiday landed on a weekday and it isn’t observed in the United States. Education comes first and the long trip home rendered me unable to return to celebrate this holiday and to collect the red envelopes…
Although I’m not able to participate in the highly anticipated activity, my family would accept them on my behalf. Now I’m home to check how much I received! I might sound like a fiend for money but as I’ve gotten older, the total amount that I receive seem to have dwindled.
By tradition, it is usually the married couples who give out red envelopes and those who are young and single are the receivers. When you think of it, though I get money from family and friends, my parents are returning the gesture it is almost the equivalent of a large allowance. Having many children may be a benefit??
My Chinese New Year red envelopes accumulated: $270
Can’t ask more of this holiday. With age comes maturity, so for me, this holiday is gradually drifting towards a more cultural value than a financial benefit.
